The Economics of Digital Twins.

The quality assurance and risk management company DNV GL and oil and gas company TechnipFMC teamed up to publish the oil and gas industry's first recommended practice (RP) to build and quality-assure DTs. SECTION TITLE 86 CO M P UT E R P U B L ISH ED BY T H E I EEE COM P U T ER S OC I E T Y 0 0 18- 9 1 6 2 / 2 1 © 2 0 2 1 I E E E COMPUTING'S ECONOMICS COPYRIGHT ISTOCKPHOTO, CREDIT: SITTIPONG PHOKAWATTANA A physical entity's digital twin (DT), which virtually represents and accurately describes a product at micro and macro levels, 1 can offer a number of benefits. The goal is to guide professionals through 1) assessing whether a DT can meet stakeholders' expectations, 2) establishing confidence in the data and computational models that a DT runs on, and 3) evaluating an organization's readiness to work with and evolve alongside a DT. The blockchain platform for the lifestyle company Lukso utilizes DTs of physical goods, such as jackets and shoes, which are stored on a blockchain. [Extracted from the article]